< Back to situations

Get alerts on this situation

We’ll email you as it develops, and you can follow the whole thread from day one.

Unsubscribe anytime.

[SITUATION] · [ACTIVE]

2 clusters · 7 sources · 5 days · First seen 7 days ago · Last updated 2 days ago

Categories: BUSINESS

Patriot Resources Zambia copper expansion

Entities: Zambia · Express 31 run · Sybella rare‑earths project · Mount Isa · Mkushi

Overview

Patriot Resources first announced an extension of its Tonic copper discovery in Zambia’s Mumbwa‑Kitumba corridor, adding two high‑priority drill targets (Blocks 1 and 2) over a 163‑hectare area. Geophysical surveys identified magnetic and induced‑polarisation anomalies suggesting sulphide‑bearing shear zones and copper‑silver shoots.

A few days later the company disclosed the acquisition of a 90% interest in a 16.15‑square‑kilometre licence in the Copperbelt, adjacent to First Quantum Minerals’ upcoming Fishtie project. The deal, valued at US$50,000, gave Patriot a foothold in the Lusale Basin. Concurrently, drilling at the Tonic prospect returned surface‑level mineralisation, including a 17‑metre interval with 0.41% copper, 4.7 g/t silver and 0.30% zinc, and a higher‑grade core of 7 metres at 0.78% copper, 5.1 g/t silver and 0.38% zinc. No further announcements have been reported as of the latest monitoring.

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 3 SOURCES] Patriot Resources acquired a 90% interest in a 16.15‑square‑kilometre licence in Zambia's Copperbelt. (fdfc1d63-66ea-4c8d-bb80-fa86aa5168a5, 25c06efd-da30-4d75-8215-4911e26c1714, d75b7f18-1e36-4332-aa96-8d0c2d1978e3)
[● 3 SOURCES] The purchase price was US$50,000, with US$20,000 paid on signing and the balance due on completion. (fdfc1d63-66ea-4c8d-bb80-fa86aa5168a5, 25c06efd-da30-4d75-8215-4911e26c1714, d75b7f18-1e36-4332-aa96-8d0c2d1978e3)
[● 3 SOURCES] The licence is located about 12 km north of Mkushi and 17 km along strike from First Quantum Minerals' Fishtie project. (The new ground, located 12km north of Mkushi, ... sits just 17 kilometres along strike from First Quantum Minerals’ soon)
[● 3 SOURCES] The licence lies within the Lusale Basin mineralised corridor, a satellite of the Central African copper belt that spans Zambia and the DRC. (fdfc1d63-66ea-4c8d-bb80-fa86aa5168a5, 25c06efd-da30-4d75-8215-4911e26c1714, d75b7f18-1e36-4332-aa96-8d0c2d1978e3)
[● 3 SOURCES] The licence sits within the Katanga Supergroup, a rock sequence that hosts most of the region's copper and cobalt deposits. (fdfc1d63-66ea-4c8d-bb80-fa86aa5168a5, 25c06efd-da30-4d75-8215-4911e26c1714, d75b7f18-1e36-4332-aa96-8d0c2d1978e3)
[● 3 SOURCES] Patriot's Tonic prospect drilling returned a 17‑metre interval grading 0.41% copper, 4.7 g/t silver and 0.30% zinc, including a 7‑metre core of 0.78% copper, 5.1 g/t silver and 0.38% zinc. (fdfc1d63-66ea-4c8d-bb80-fa86aa5168a5, 25c06efd-da30-4d75-8215-4911e26c1714, d75b7f18-1e36-4332-aa96-8d0c2d1978e3)
[● 3 SOURCES] First Quantum Minerals' Fishtie project is expected to produce about 30,000 tonnes of copper per year by the end of the decade. (Fishtie project which is expected to ramp up to a production rate of about 30,000 tonnes of copper a year by the end of)
[● 3 SOURCES] The vendor retains a free‑carried 10% interest in the licence. (The vendor will be free‑carried on the remaining 10 per cent interest.)
[● 3 SOURCES] Patriot Resources said the mineralisation style is similar to that of Ivanhoe Mines' Kamoa deposit in the DRC and the Lonshi deposit on the Zambian Copperbelt. (Patriot says the mineralisation style ... shares many similarities to what churned out Ivanhoe Mines’ colossal, 34 mil…)
[● 3 SOURCES] Viking Mines' Linka tungsten project is located in Nevada, USA. (Viking Mines press release)

Timeline

2 days ago

[BUSINESS] 6 sources
Viking Mines outlines 300,000‑tpa tungsten plant for Nevada project
Viking Mines’ Nevada Linka tungsten project received a concept study confirming a modular 300,000 tpa plant, 15‑month build time, and drilling to begin soon.
7 days ago

[BUSINESS] 5 sources
Patriot Resources expands copper discovery corridor in Zambia
Patriot Resources has expanded its Tonic copper discovery corridor in Zambia’s Mumbwa‑Kitumba region by roughly 5.5 km, defining two new drill‑ready targets (Blocks 1 & 2) across about 163 ha of geophysical An

Sources

brisbanetimes.com.au · businessday.com.au · m.smh.com.au · mining.com.au · smh.com.au · theage.com.au · thewest.com.au

This summary has been updated 1 time: see revision history